Thai, Laotian ministries sign MoU on trade and investment promotion
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The Laotian Ministry of Industry and Commerce and the Thai Commerce Ministry plan to create a framework for cooperation in trade and investment promotion.
The Laotian ministry’s Trade and Product Promotion Department and the Thai ministry’s International Trade Promotion Department signed a memorandum of understanding on cooperation recently at the “Thailand Design and Innovation Expo” in Bangkok.
The benefits of this cooperation are expected to be strong teamwork in the promotion of trade and investment by the two countries as well as in the Asean region.
The MoU will involve various areas of cooperation including information exchange on opportunities in business operation and promotion, and seminars and exhibitions to promote and open up more opportunities in trade and investment by the two countries.
It will also encourage international exhibition participation, business matching meetings and visits, and trade promotion with the use of technologies for market expansion, especially building markets using the Internet.
Also of significance is that the two parties agree to cooperate on problem solving, especially in addressing challenges that hinder trade and investment.
The two departments are members of the Trade Promotion Organisation and actively participate in Asean.
They have responsibility for similar areas of work in assisting, facilitating and promoting trade and investment in their two countries.
The two parties will also cooperate in promoting the Asean Economic Community, with Laos gearing up to participate in the regional grouping when it comes into being in 2015.
The trading bloc will create a single market and production base, leading to a highly competitive economic region that is conducive to equitable development, and a region that occupies a significant place within the global economy.
The trade and investment relationship between Laos and Thailand continues to flourish.
